Bulls reluctant to give up; Nifty ends above 13750: Angel Broking

Market Wrap-up by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking):

"Nifty started the session marginally positive around 13660 but it corrected in the first hour of the trade by more than 100 points from the opening level. However, it found support near the 13650 mark and recovered gradually to end the day near the opening level.

Just like the recent past, once again we witnessed upmove in the indices from intraday dip and Nifty managed to end the week at its all time high. However, the banking index has been reluctant to participate during this week and thus has shown some relative underperformance. Although there are no signs of reversal yet on the chart, Nifty is currently trading near an important resistance of 13770 which is the 127% retracement of the previous correction on the weekly charts. Since the momentum readings are in overbought zone and the index is trading near its resistance, there could be some time-wise or a price-wise correction in the near term. As far as levels are concerned, 13650 and 13600 are the important supports whereas 13770-13800 is the important resistance zone. Traders are advised to look to book some profits on their existing longs here and trade with a stock specific approach with a tab on the above mentioned levels."

Source : Equity Bulls

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